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Home Companies Company News

Livingtrust Mortgage Bank targets N509 million gross earnings in Q3 2022

Chris Ugwu by Chris Ugwu
June 22, 2022
in Company News, Company Results
Livingtrust Mortgage Bank targets N509 million gross earnings in Q3 2022
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LivingTrust Mortgage Bank Plc has said it is targeting to achieve N509.18 million in gross earnings for the third quarter of 2022.

In its Q3 earnings forecast obtained from the Nigerian Exchange Limited (NGX), the mortgage bank is also projected to rake in N424.29 million in interest income. Its projection for profit before tax stood at N181.51 million and N151.91 million for profit after tax during the stipulated period.

Living Trust Mortgage Bank Plc on Thursday published its First Quarter report for the 3 months ended, March 31, 2021.

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The company reported a turnover of N502.66 million for the 3 months period, up by 99.63% from N251.79 million reported the previous year.

Profit after tax grew year on year by 145.12% to N247.12 million from N100.82 million reported the previous year.

Earnings per share of the company stands at 5 kobo from the EPS of 2 kobo achieved in Q1 2021

At the share price of N1.24, the P/E ratio of Living Trust Mortgage Bank Plc stands at 25.09x with earnings yield of 3.99%

The mortgage bank had declared a final dividend of 6 kobo per share, summing up to a total dividend payout of N300 million to its shareholders for the 2021 financial year. This is six times the N50 million paid as dividends in 2020.

The dividend declared represents 59.2% of the profit after tax is announced by the bank. The company reported a net profit of N507 million, 283% surge compared to the N132.4 million profit recorded in the previous year.

This is according to the information contained in the bank’s audited 2021 financial statement.

What the bank is saying

The MD and CEO of LivingTrust Mortgage Bank, Adekunle Adewole said, “despite the strong global headwinds in the year 2021, coupled with economic vulnerabilities and uncertainties in the local economy, the bank pulled strong in all performance indices, recording double and triple digits growth, with a revised proposal to reward shareholders with N0.05 for every share held, representing a 500% growth from the N0.01 dividend paid in 2020.

“The 2021 result is a further attestation to our resilience, smart business model and unique propositions driven by a highly motivated workforce, always ready to go the extra mile in delivering superior value to our customers.”

Other key projections

  • Net Operating Income N 393.511 million
  • Operating Expenses N 212.004 million
  • Interest Expense N66.917 million
  • Fees & Other Income 84.882 million

Follow us for Breaking News and Market Intelligence.
Tags: Adekunle AdewoleLivingTrust Mortgage Bank Plc
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

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Comments 2

  1. Ahmed Ali Endrise says:
    June 27, 2022 at 10:09 pm

    This is my original work the network connection is vabrite as a wave

    Reply
  2. Ahmed Ali Endrise says:
    June 27, 2022 at 10:16 pm

    Blok the creator of artificial intelligence and the disturbance of economic movement in our globe 🌎

    Reply

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